$90B Bond Orders for SpaceX: A $111B Fuel Injection—or a Debt Timebomb in Orbit?
SpaceX’s record-setting $85.7B IPO and a $25B bond sale that drew $90B in orders underscore the capital intensity of the modern space economy, but the company’s 16% revenue growth and unprofitability raise red flags for defense contractors and suppliers watching its cash-burn trajectory.